Bitcoin’s rally first pressured short sellers, but the reversal by Sunday forced leveraged long positions out of the market. At about 07:00 UTC on Aug. 23, CoinGlass recorded $101.39 million in crypto long liquidations over four hours, nearly 86% of the $118.13 million total. Over 24 hours, long liquidations reached $250.57 million of $339.73 million. Bitcoin accounted for $38.66 million of the four-hour figure and $55.82 million over 24 hours. BTC traded near $76,088, down about 1.8% over the preceding day after nearing $80,000, before recovering slightly to about $77,300. The deleveraging occurred alongside falling open interest, with aggregate Bitcoin futures open interest near $54.54 billion, down 2.65% in 24 hours. Major perpetual funding rates (payments between leveraged traders) were generally close to the 0.01% baseline, while the aggregate account long-short ratio was 0.9238. The broader liquidation event included $65.02 million on Binance over four hours, including $58.64 million in longs, and an $11.72 million ETHUSDT liquidation was the largest single order listed over 24 hours. CoinGlass said on Aug. 20 that $3.07 billion in crypto shorts had been liquidated that day, without specifying the exact time window; its historical table separately showed a $2.99 billion event dated Aug. 19, while CryptoSlate and the Associated Press reported broader totals above $4 billion. Spot demand provided a counterweight, with Farside Investors recording five consecutive sessions of U.S. spot Bitcoin ETF inflows through Friday, including $307.5 million on Aug. 21. The snapshot suggests existing risk was being cleared rather than a new crowded long trade forming, with the reopening of the ETF creation channel on Monday set to provide the next test of spot demand.